Surgery Partners : 40th Annual J.P. Morgan Healthcare Conference Presentation

40th Annual J.P. Morgan HealthCare Conference

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Forward-Looking Statements

Statements contained in this presentation, including the question and answer portion of the presentation, other than statements of historical fact, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding the anticipated timing and strength of the opportunities available to Surgery Partners, Inc. and its subsidiaries (the "Company"), as well as the future financial position of the Company, including financial targets, business strategy, plans and objectives for future operations and future operating results and cash flows. These statements are subject to risks and uncertainties, including, without limitation: the continuing effects of the COVID-19 outbreak in the United States and the regions in which we operate; the impact to the state and local economies of restrictive orders, vaccine and other mandates and the pandemic generally; our ability to respond nimbly to challenging economic conditions; the unpredictability of our case volume in the current environment; our ability to preserve or raise sufficient funds to continue operations; the impact of our cost-cutting measures on our future performance; our ability to cause distributions from our subsidiaries; the responsiveness of our payors, including Medicaid and Medicare, to the challenging operating conditions, including their willingness and ability to continue paying in a timely manner and to advance payments in a timely manner, if at all; the impact of COVID-19 related stimulus programs, including the CARES Act, and uncertainty in how these programs may be administered, monitored and modified in the future; our ability to execute on our operational and strategic initiatives; the timing and impact of our portfolio optimization efforts; our ability to continue to improve same-facility volume and revenue growth on the timeline anticipated, if at all; our ability to successfully integrate acquisitions; the anticipated impact and timing of our ongoing efficiency efforts, as well as our ongoing procurement and revenue cycle efforts; the impact of adverse weather conditions and other events outside of our control; and the risks and uncertainties set forth under the heading "Risk Factors" in our 2020 Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, and discussed from time to time in our reports filed with the Securities and Exchange Commission (the "SEC"). You should read the Company's annual report and all other filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements contained in this presentation speak only as of the date of the presentation, and the Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law. The business of the Company is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties and should not place considerable reliance on the forward-looking statements contained in this presentation.

Data and Information Contained in this Presentation

This presentation also contains market research, estimates and forecasts, which are inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Certain data in this presentation was obtained from various external sources, and neither the Company nor its affiliates, advisers or representatives has verified such data with independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the accuracy or completeness of that data or has any obligation to update such data after the date of this presentation. Such data involves risks and uncertainties and is subject to change based on various factors. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of such owners.

Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. We present non-GAAP financial measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Reconciliations of these non-GAAP measures are included in our filings with the SEC and slide 42.

© 2022 Surgery Partners - Confidential & Proprietary Information

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Surgery Partners Introduction

© 2022 Surgery Partners - Confidential & Proprietary Information

Surgery Partners is the Leading Independent Surgery Center Operator…

31 States

115 Ambulatory Surgery Centers

18 Short-Stay

Surgical Hospitals

4,600+

Affiliated

Physicians

600,000+

Annual Patients

© 2022 Surgery Partners - Confidential & Proprietary Information

~$2.2 billion	~$316 million
Q3 2021 TTM Revenues(1)	Q3 2021 TTM AEBITDA(2)

(1) September 30, 2021 trailing 12-month net revenues of $2,163M

1. September 30, 2021 trailing 12 month Adjusted EBITDA. See slide 42 for reconciliation to the comparable GAAP measure Note: Q3 2021 SEC reported ASC count of 110 based on Tax Identification Number

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…And is the Only Opportunity to Invest Directly in a Pure-Play of National Size and Scale

Surgical Facility

Revenue(1)

Revenue % of Total

$2.2B 97%

$1.3B ~15%

$2.5B+ ~1%

NA NA

$2.6B <15%

Parent

Company

Public

Only Pure-Play

Surgery Center

Operator

Private

Division of Envision

Division of UHG

Division of HCA

Division of Tenet

Number of

Surgical

Facilities(2)

133

250+

250+

140+

428

Specialty Focus

MSK, Cardiovascular, Ophthalmology & GI

Gastrointestinal

MSK & Cardiovascular

NA

MSK

1. Surgery Partners data reflects TTM Sept 2021 net revenues of $2,163M, Envision based on TTM 6/30/2018 data, SCA revenues based on CFO.com article 5/15/2019 and Tenet based on TTM Sept 2021 net revenue per 3Q 2021 earnings press release, which does not include the pro forma impact of the December 2021 acquisition of SurgCenter Development.
2. Reflects latest available data from company websites; Tenet data is based on 3Q 2021 earnings press release, updated for Dec. 2021 acquisition of SCD.

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